Gold rate today: Gold prices remained above the $4,000 mark on Thursday, as investors weighed the Israel-Hamas ceasefire agreement. Ongoing geopolitical and economic uncertainties, coupled with expectations of U.S. rate cuts, continued to support positive sentiment for the metal.
Spot gold held steady at $4,035.70 per ounce on October 9, while U.S. gold futures for December delivery slipped 0.4 per cent to $4,055.20.
On Wednesday, bullion had breached the $4,000 per ounce threshold for the first time, reaching an all-time high of $4,059.05.
“Gold and silver enjoyed impressive gains in a volatile session, with gold topping $4,050 per ounce and silver surpassing $49 per ounce—levels not seen since 2011. This rally is being fueled by strong central bank demand and a growing shift toward safe-haven assets through ETFs. While recent Fed meeting minutes have raised some uncertainty about aggressive rate cuts, leading to a temporary spike in the dollar index, there is still potential for further growth,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Back home, gold prices slipped by ₹1,098 to ₹1,22,111 per 10 grams in domestic futures trade on Thursday, pulling back from record highs as investors booked profits following a cooling of geopolitical tensions in the Middle East.
On the Multi Commodity Exchange (MCX), December gold futures dropped ₹1,098, or 0.89 per cent, to ₹1,22,111 per 10 grams, after touching an all-time high of ₹1,23,450 per 10 grams in the previous session.
Gold rate today: Is it right time to buy or book profits?
Kalantri further said that even with some profit-taking at current levels, the long-term outlook for these precious metals remains strong, making this an ideal time for savvy investors to consider purchasing.
“Gold has support at $3980-3940 while resistance at $4055-4085. Silver has support at $48.20-47.70 while resistance is at $49.40-49.90. In INR gold has support at Rs1,22,500-1,21,780 while resistance at Rs1,23,950-1,24,600. Silver has support at Rs1,48,750-1,47,850 while resistance at Rs1,50,850, 1,51,750,” Kalantri said.
Meanwhile, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, recommended traders to adopt a cautious stance.
“Gold’s ongoing bull run has turned historic, with prices surging nearly 60 per cent this calendar year — marking one of the strongest rallies in recent times. However, with the rally now deep into overbought territory, risk sentiment has risen sharply. Traders and investors should adopt a cautious stance, maintain trailing stop-losses, and avoid large over positions. In the near term, gold holds strong support at ₹1,18,000, while resistance is seen around ₹1,24,500.”
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
